Interested in development- Looking for some advice/insight
Trending Content
| +48 | Being asked to stay behind and train my replacement | 14 | 2d | |
| +45 | New Comp Database - Google Form (Now with Data Validation) | 24 | 2h | |
| +30 | What does REPE actually do? | 12 | 22h | |
| +25 | Leave brokerage to be GP | 1 | 14h | |
| +24 | Public Homebuilders | 9 | 1d | |
| +23 | Seeking Career Guidance in Real Estate Development Post-Graduation | 3 | 3h | |
| +22 | REPE/Development GPA | 15 | 1d | |
| +17 | MSRE/MSRED with no RE experience; Naive to think I’ll land a job afterwards? | 4 | 3d | |
| +16 | UC Berkeley MRED vs Columbia MSRED? | 2 | 5d | |
| +15 | Hospitality Finance - Perks? | 3 | 6d |
Career Resources
I'm kind of in your boat as well. Trying to get a gig as an analyst somewhere whether it's acquisitions, AM, lending or whatever and end goal is development.
From what I see from the development side, unless you're looking at the big players like an Extell, Related, Tishman, etc., most development shops run pretty small and don't have the need for Analysts as their not running multiple projects per year. Most guys would be project managers or so which would probably require some sort of advanced degree. In NYC, I would assume these roles get snagged by the MSRED from Columbia. I've heard started out in Lending is good if end goal is Developememt especially if you work on construction loan deals. I'm sure others with more experience and knowledge can chime in.
I think thats a great way. You learn the technical side to understand the deal particulars first. The next step would be in some kind of 'Development Associate' role where you shadow the lead development manager to gather skills needed to coordinate building something. The best thing about Development is honestly I think many will agree there are many paths to it. Some came from dirt, some came from capital and others through conventional RE firms.
As someone else had mentioned, there are numerous paths into development. As an analyst for a regional developer (luxury residential and urban mixed-use), I will say that the financial aspect of development - albeit very important -is a small part of what you would expect to be doing as an analyst. This has been my experience at a smaller firm, and I imagine things to be more streamlined at bigger shops (but at someone had mentioned, those shops are tough to break into and probably require a target MSRED or MBA). I would argue that understanding how to navigate your local entitlement process (permits, zoning, neighborhood associations, design review boards, application deadlines, municipal meeting timelines, etc.) and fundamental knowledge of construction/design/engineering (knowing how to read and compare proposals, understanding scopes of work) is significantly more valuable in an analyst interview than financial modeling/deal underwriting experience. Your role will most likely involve a great deal of coordination with contractors and consultants, presentation preparation, and communication with all stakeholders (investors, partners, contactors, municipalities, etc.), so knowing every detail for every facet of your project is extremely important.
Develop some kind of basic niche specialization before you immediately seek a development position. Most active developers are thinly staffed organizations who do not have the time/resources to train someone soup to nuts on every component of the development cycle. If you can justify a value-add position in one major component of the cylce, you stand a much better chance of elbowing yourself in. I think any of the following are legitimate pre-development starting points:
Agreed. Good post.
Ut ut non dolores quia. Nostrum quia id ut delectus. Unde cupiditate vero quaerat voluptatem blanditiis eum voluptas. Molestiae architecto possimus animi quos ad voluptas.
Ut est sed provident perspiciatis est. Quo optio aperiam error deserunt. Et dolorem reprehenderit voluptates.
Modi eaque quis et et minus dolor. Consequuntur omnis odit qui molestias. Molestias ut sint minus debitis ut qui amet a. Natus voluptatem velit ad ipsa quo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...